16 Mar 2012drilling progress report▲ GoodMajor
Advantage reported year-end 2011 reserves (unaudited estimates): the 2011 capital program replaced 220% of production, adding 18.6 mmboe of proven and probable reserves at $8.85/boe. Net asset value is $9.35 per share, down from $15.07 a year earlier, and the release states it includes Longview shares at market value. Glacier reserves rose 10% to 183.7 mmboe, and an updated Sproule assessment raised total petroleum initially in place there to 10.07 Tcf gross. The Phase IV program had drilled 29 wells, and early Middle Montney wells had lower gas rates than expected but more natural gas liquids, which the company says needs more work to assess economics.